Markets Today (29 October 2026) at Open: Kapitales Morning Highlights from Wall Street to ASX

Headline

• ASX 200 futures point to a positive opening, rising 40 points (+0.45%).
• US equities advance for a third consecutive session, supported by technology stocks.
• Federal Reserve holds interest rates steady, with a reported 10–2 vote.
• Microsoft shares jump 4.5% after hours, supported by 48% Azure growth.
• Alphabet shares tumble 9% after hours, following disappointing earnings.
• Brent crude approaches US$115 per barrel, amid renewed US–Iran tensions.
• December Fed rate hike probability reaches 85%, reflecting expectations of further tightening.

Global Markets Overview

Global equity markets displayed a broadly positive trend, with US indices extending gains for a third consecutive session. The S&P 500 and Nasdaq Composite advanced as investor sentiment remained supported by technology stocks and the Federal Reserve’s decision to maintain interest rates. The Dow Jones also finished higher, reflecting steady buying interest across selected sectors. European markets recorded modest gains, with the UK's FTSE 100 edging higher amid cautious investor sentiment and ongoing economic uncertainties. In Canada, the S&P/TSX Composite strengthened, supported by broader market optimism.

Across Asia, Japan's Nikkei delivered a notable advance, outperforming several major global benchmarks as investors assessed corporate earnings and monetary policy developments. Meanwhile, Indian equities moved lower, reflecting a divergence in regional market performance. New Zealand's NZX 50 registered a marginal increase, indicating relatively stable trading conditions in the domestic market. Overall, global markets maintained a constructive tone, although investors remained attentive to central bank policy signals, corporate earnings announcements, geopolitical developments and their potential implications for equity valuations and market volatility.

Commodities & Crypto

Commodity markets displayed a mixed but generally positive trend, with gold prices edging higher as investors assessed global economic conditions, monetary policy developments and geopolitical uncertainties. Crude oil recorded a notable advance, with WTI strengthening amid concerns over potential supply disruptions and escalating tensions in the Middle East. Copper prices also moved higher, reflecting improved trading sentiment despite persistent uncertainty surrounding industrial demand and global economic growth. Uranium advanced, reflecting positive market momentum and improved investor sentiment towards the commodity.

Meanwhile, silver declined modestly, underperforming gold as precious metals displayed divergent price movements. In the cryptocurrency market, Bitcoin advanced, indicating renewed buying interest in digital assets. Overall, commodity markets were influenced by ongoing geopolitical tensions, global economic developments and shifting investor sentiment. Crude oil prices remained sensitive to potential supply disruptions, while gold and silver continued to respond to changing interest rate expectations.

Bond Yields

Government bond yields declined in Australia and the United States, while Japan's bond yield moved higher, reflecting differing monetary policy expectations across major economies. Australia's government bond yield edged lower, reflecting cautious investor sentiment amid expectations surrounding the Reserve Bank of Australia's future interest rate decisions. Meanwhile, Japan's government bond yield moved higher as market participants continued to assess the Bank of Japan's monetary policy outlook and domestic inflation pressures. In the United States, government bond yields declined across both medium-term and long-term maturities following the Federal Reserve's decision to maintain interest rates. The downward movement reflected changing market expectations regarding the future direction of US monetary policy, although inflation concerns and economic uncertainty remained important considerations. Overall, global bond markets remained sensitive to central bank communications, inflation developments and shifting expectations for future borrowing costs. Investors continued to monitor economic indicators and policy signals for further clarity on the direction of government bond yields across major economies.

Key Drivers

• Federal Reserve held interest rates at 3.75%–4.00%, with a 10–2 policy vote.
• Market-implied probability of a December Fed rate hike increased to approximately 85%.
• Microsoft shares gained over 4% after hours as quarterly revenue increased 19% to US$92.28 billion.
• Microsoft Azure revenue grew 48% to US$33.17 billion, reflecting strong cloud demand.
• Alphabet shares declined 9% after hours as quarterly revenue of US$127.57 billion missed expectations.
• Google Cloud revenue reached US$30.71 billion, exceeding analysts' estimates.
• Oracle shares surged 10% after the company targeted at least US$225 billion in FY2030 revenue.
• Reports indicated preparations for a potential US military campaign against Iran after the November midterms.
• US military advised non-essential shipping to avoid the Strait of Hormuz and Gulf of Oman amid heightened security risks.
• Bank of Canada raised its policy rate by 25 basis points to 2.50%.
• Approximately 83% of surveyed economists expected the Bank of Japan's next rate increase in December.
• Australia's annual CPI inflation accelerated to 4.3% in September, exceeding the 4.2% market forecast.
• Australia's quarterly trimmed mean inflation reached 3.7% annually, above expectations of 3.6%.
• US goods trade deficit widened 2.1% to US$134.9 billion in September.
• World Bank reportedly forecast commodity prices to increase 23% in 2026, including a 32% rise in energy.
• Investors expressed growing concerns over debt-funded AI infrastructure expansion and credit market pressures.

ASX Company News

• JB Hi-Fi Limited (ASX: JBH) released its FY27 first-quarter sales update and Annual General Meeting presentation on 29 October 2026. For Q1 FY27, JB Hi-Fi Australia recorded a 0.4% decline in total sales, while New Zealand sales increased 17.3%. The Good Guys and e&s reported sales declines of 0.1% and 3.7%, respectively. Management highlighted slower October trading ahead of Black Friday and Christmas amid heightened retail competition. Meanwhile, FY26 revenue increased 4.8% to AU$11.06 billion, EBIT rose 5.8% to AU$734.4 million, and net profit advanced 6.0% to AU$489.9 million. Total ordinary dividends increased 22.5% to 337 cents per share, while closing net cash stood at AU$206.5 million. Looking ahead, the company remains focused on store expansion, multichannel growth, supply chain improvements and strengthening its competitive position.
• Lynas Rare Earths Limited (ASX: LYC) released its September 2026 quarterly report on 29 October 2026, reporting gross sales revenue of AU$310.1 million, up 55% compared to the prior corresponding period. Total rare earth oxide production reached 4,254 tonnes, including a record 2,082 tonnes of NdPr. The average selling price increased 88% to AU$102.1 per kilogram, while cash and short-term deposits stood at approximately AU$1.21 billion. The company continued progressing its Malaysian expansion and proposed Meteoric Resources acquisition.
• Super Retail Group Limited (ASX: SUL) released its AGM trading update on 29 October 2026, reporting total sales growth of 2.0% and like-for-like sales growth of 0.2% in Q1 FY27. Supercheap Auto recorded total sales growth of 3.4%, while rebel increased 2.3% and BCF advanced 3.5%. However, Macpac sales declined 14.3%, reflecting weaker trading conditions and milder winter weather. Management confirmed that year-to-date earnings remained in line with expectations despite pressure on discretionary consumer spending.
• Freightways Group Limited (ASX: FRW) presented its Annual Shareholders Meeting update on 29 October 2026, reporting unaudited Q1 FY27 operating revenue of NZ$408.3 million, up 17.6% compared to the prior corresponding period. EBITDA increased 11.3% to NZ$74.8 million, while EBITA rose 12.9% to NZ$50.0 million, both before NZ IFRS 16 adjustments. Net profit increased 12.0% to NZ$26.2 million. Growth was supported by its Express Package and Business Mail operations, additional fuel recovery and stronger Information Management performance.
• Beforepay Group Limited (ASX: B4P) announced on 29 October 2026 that it had appointed Kasey Kaplan as its new Chief Executive Officer and Managing Director, effective 7 December 2026. Kaplan, currently Deputy CEO, will succeed Jamie Twiss, who is stepping down after more than five years leading the company. Since joining Beforepay in September 2021, Kaplan has contributed to the expansion of its consumer lending business, product innovation, strategic partnerships and the development of Carrington Labs, its AI-powered credit analytics business. The appointment is expected to support Beforepay's next phase of growth across financial technology, lending and credit analytics.

Stocks trading ex-dividend today

• Autosports Group Limited (ASX: ASG) – AU$0.03
• Waterco Limited (ASX: WAT) – AU$0.13
• Benjamin Hornigold Limited (ASX: BHD) – AU$0.062

Key Economic Drivers (What to Watch Today)

• 4:00 pm AEDT – Japan: Consumer Confidence data will provide insights into household sentiment and spending expectations, offering indications of domestic consumption trends and Japan's economic outlook.
• 11:30 pm AEDT – United States: GDP Growth Rate and Core Personal Consumption Expenditures (PCE) data will provide insights into economic activity and underlying inflation pressures, potentially influencing the Federal Reserve's interest rate outlook and global financial markets.

Summary

• ASX 200 futures point to a positive opening, up 40 points (+0.45%), as the Fed held rates steady at its October meeting and Microsoft rallied 4.5% after hours, supported by 48% Azure revenue growth.
• S&P 500 rose 0.28%, Nasdaq gained 0.27%, and Dow advanced 0.19%.
• Federal Reserve held interest rates steady at 3.75%–4.00%, with a 10–2 vote.
• December Fed rate hike probability reportedly increased to approximately 85%.
• Alphabet shares declined 9% after hours despite strong Google Cloud revenue.
• Japan's Nikkei advanced 1.08%, outperforming several major global benchmarks.
• Brent crude approached US$115 per barrel amid escalating US–Iran tensions.
• Gold increased 0.21% to US$4,068.91 per ounce, while WTI crude gained 2.12%.
• Australia's annual inflation accelerated to 4.3% in September, exceeding market expectations.
• Bank of Canada raised its benchmark interest rate by 25 basis points to 2.50%.

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